UK Personal Debt Levels Increase
New figures reveal that the total amount of personal debt in the UK now stands at £1.456 Trillion.
The figures are an increase on the corresponding period twelve months ago when the personal debt level was £1.452 trillion.
Secured mortgage lending makes up the vast majority of the outstanding debt, a figures of £1.248 trillion which is slight increase from the £1,240 trillion that was owed last year. With 11 million households in the UK, the average outstanding mortgage debt is approximately £111,260.
The average amount of debt owed for every adult in the UK (including mortgages) currently stands at £29,634 which is around 122% of average earnings. Current household debt levels stand at £55,988 which again is an increase on previous levels.
The massive amount of debt owed means large amounts of interest to be paid and over the twelve month period reviewed £62 billion was paid in interest on personal debts, or £173 million pound a day.
£2,432 is the average interest repayment on personal debt for every UK household.